Houston-based Occidental Petroleum said last week it increased its production forecast for 2023 after topping midpoint of guidance for first quarter by 40,000 boed with 1,220,000 boed. Fullyear guidance was increased by about one percent to 1,195,000 boed. Oxy raised its forecast because of greater efficiency in Permian Basin and Rocky Mountains as well as its highest production in nearly a decade from Gulf of Mexico.
Vicki Hollub, president and CEO, said May 9, “Our teams continue to deliver outstanding operational performance, which drives our financial success. We are well positioned to build on the successful first quarter and have raised full-year guidance for oil and gas production.”
Occidental’s Permian volumes in Q1 exceeded midpoint of guidance with 579,000 boed (compared to February forecast of 565,000 boed). Oxy completed 53 wells in Permian in Q1 and expects to complete 100-to-110 in the remaining quarters of 2023.